The composition of the electoral college for the election of the Vice-President of India is that it consists of members of both Houses of Parliament. This means that the elected members of both the Lok Sabha and Rajya Sabha are eligible to vote in the Vice-Presidential election.
Option 1, which includes members of the Lok Sabha, Rajya Sabha, and State Legislative Assemblies, is incorrect. The State Legislative Assemblies do not have a role in electing the Vice-President.
Option 2, which includes only the elected members of the Lok Sabha and Rajya Sabha, is also incorrect. This would exclude members of the Rajya Sabha, which is not accurate.
Option 4, which states that the members of the Rajya Sabha only form the electoral college, is incorrect as well. The electoral college for the Vice-Presidential election consists of both Houses of Parliament.
Therefore, option 3, which includes members of both Houses of Parliament, is the correct answer.